Can I Finance Through Hud On A House I Found Section 8 Housing Assistance

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Section 8 Housing Assistance

The Housing Choice Voucher Program, usually referred to as Section 8 Housing, is a government program that provides housing assistance to low-income renters and homeowners. This program provides “rental subsidies”, which are grants that pay for a portion of the cost of rent or mortgage payment.

This program is managed by the U.S. Department of Housing and Urban Development, otherwise known as the HUD. Below are some common questions and answers about Section 8 housing and low income housing assistance.

How do I qualify for section 8?

To qualify for low income housing, you must not make more than 50% of what the Area Median Income (or AMI) where you live. The Area Median Income is the average income of all the residents that live in your county. For example, if the AMI of your county is $60,000, you must make less than $30,000 to qualify.

To find out what the area median income is for your area, visit the U.S. Department of Housing and Urban Development (HUD) website.

How much rent will I still have to pay if I have a Section 8 voucher?

Your Section 8 rent voucher is based on your income. The voucher will pay anything above 30% of your income up to an established limit called Fair Market Rent. If your rent is greater than Fair Market Value, you will have to pay the difference.

For instance, if you earn $2,000 per month, 30% of your income is $600. If the house you’d like to rent is $900 per month, you will need to pay $600 per month and the voucher will pay $300, as long as the Fair Market Value in your area is greater than or equal to $900.

To find out what Fair Market Value is for your area, visit HUD’s website (Link: http://www.huduser.org/portal/datasets/fmr.html).

How long does it take to get a voucher?

It depends on many different factors. It primarily depends on how busy your local housing authority office is. Most offices receive a lot of applications each day and cannot process each of them immediately. Each area is only given a limited amount of money to assist in finding housing. Depending on how much your local office has given out already will affect how long you must wait to receive Section 8 assistance.

You will need to contact your local office to find out what the waiting list is like for these vouchers. To find the phone number to your local office, visit the HUD website here. (Link: http://www.hud.gov/offices/pih/pha/contacts/index.cfm).

Can I choose an apartment or house with rent higher than Fair Market Rent for my area?

Yes, but you will have to pay the difference. Section 8 assistance will not cover any costs higher than Fair Market Rent.

Can I rent any apartment or home with Section 8 vouchers?

Not necessarily. You will need to have a landlord that accepts Section 8 vouchers. Many are willing because it is a dependable payment. However, landlords are not legally required to accept Section 8, so if the home you are interested in has a higher rent that Fair Market Value, they might not be willing to accept it.

Can I use Section 8 to help pay my monthly mortgage payment?

Yes, but only if you are a qualified first-time homebuyer. To qualify, you need to have a household income of at least $10,300 and have been continuously employed for one year (with the exception of elderly or disabled persons.) You must also attend a homeownership counseling course and meet any other restrictions that your local housing authority requires.

The amount of assistance you can receive on your mortgage payments with Section 8 vouchers varies depending on your location. You will need to contact your local office to find out how much assistance is available for mortgages.

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